PRESS RELEASE - LIFE HEALTHCARE DISPOSES OF ITS INTEREST IN MAX HEALTHCARE INSTITUTE LIMITED
24 June 2019
LIFE HEALTHCARE DISPOSES OF ITS INTEREST IN MAX HEALTHCARE INSTITUTE LIMITED (“MAX HEALTHCARE”)
Life Healthcare successfully concludes deal to dispose of its share in Max Healthcare in India.
Further to earlier announcements, Group CEO Dr Shrey Viranna confirmed that Life Healthcare International Proprietary Limited (“Life Healthcare”) and Radiant Life Care Private Limited (“Radiant”) have successfully concluded the share purchase agreement (“the agreement”) entered into on 24 December 2018.
“All conditions precedent to the agreement have been fulfilled, and proceeds of the sale received,” Viranna said.
In a deal backed by leading investment firm, Kohlberg Kravis Roberts (“KKR”), Radiant acquired Life Healthcare’s 49.7% stake in Max Healthcare on 21 June 2019 for 80 Rupees per share. This equates to approximately R3.7 billion of net proceeds received after costs, hedges and taxes, resulting in a profit on disposal of approximately R900 million.
Life Healthcare will use the funds to settle debt.
“The sale of Max Healthcare aligns to our realigned growth strategy, specifically expanding across the healthcare continuum in South Africa, and leading in diagnostic imaging internationally,” Viranna concluded.
For more information about Life Healthcare, visit https://www.lifehealthcare.co.za
For more information about KKR, visit http://www.kkr.com
For more information about Radiant, visit http://www.radiantlifecare.com
Issued on behalf of:
Group Communications Manager
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About Life Healthcare Group:
Life Healthcare Group is a market leading international, diversified healthcare provider with over 33 years’ experience in the South African private healthcare sector, currently operating 66 healthcare facilities in southern Africa. Services include acute hospital care, acute physical rehabilitation, acute mental healthcare, renal dialysis and employee health and wellness services. The Group owns Alliance Medical Group, the leading independent provider of medical imaging services within Europe, operating across 10 international countries. Life Healthcare owns Scanmed S.A. (Poland) which provides healthcare and medical services in 20 Polish cities with over 65 medical specialisations and diagnostic services available in 32 facilities. Headquartered in Johannesburg, South Africa. the Life Healthcare Group is a listed company on the Johannesburg Stock Exchange. For more information, visit lifehealthcare.co.za